1. GST DEADLINES
1.1. Deadlines | September 2020
♠ Last date for availing ITC for FY 19-20 is the due date of Sep 2020 GSTR3B return.
♠ Last date for issuing credit note or making any amendments for invoices raised during the FY 19-20 is 30 Sep 2020.
♠ Compliance Calendar – September 2020
|Due Date||Return/ Compliance||Remarks|
|07 Sep 20||TDS Payment- Income Tax||Due date for Payment of TDS for Aug 20|
|11 Sep 20||GSTR1 (Aug 20)||Return of Outward Supplies- Monthly Return|
|12 Sep 20||GSTR2B (Aug 20)||Auto Drafted ITC Statement available for download|
|15 Sep 20||Advance Tax- Income Tax||Second Instalment of Advance tax under Income Tax|
|20 Sep 20||GSTR3B (Aug 20)||Last Date for Payment of Tax and Return Taxpayers with Turnover More Than 5 Crore|
|22 Sep 20||GSTR3B (Aug 20)||Last Date for Payment of Tax and Return Taxpayers with Turnover Less Than 5 Crore having Principal Place of Business in Chhattisgarh, MP, Gujarat, Daman & Diu, Dadra & Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman & Nicobar Islands, Telangana, Andhra Pradesh.|
|24 Sep 20||GSTR3B (Aug 20)||Last Date for Payment of Tax and Return Taxpayers with Turnover Less Than 5 Crore having Principal Place of Business in J&K, Laddakh, HP, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajashthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, WB, Jharkhand and Odhisha|
|30 Sep 20||GSTR 9/9C (FY 18-19)||GST Audit and Annual Return last date.|
|30 Sep 20||GSTR 9A||Annual Return for Composition Taxpayers|
♠ GST Audit and Annual return (GSTR9 and GSTR9C) due date 30th Sep 2020 for FY 18-19. For regular taxpayers whose Aggregate Turnover during the financial year is more than Rs 5 Crore.
|GST Audit & Annual Return||More than 5 Cr.||GSTR 9/ 9C||FY 18-19||Compulsory|
|GST Annual Return||Between 2 Cr. To 5 Cr.||GSTR 9||FY 18-19||Compulsory|
|GST Annual Return||Less than 2 Cr.||GSTR 9||FY 18-19||Optional|
1.2. GSTR2A reconciliation from Feb to Sep 20 in GSTR3B of Sep 20
Rule 36(4) of CGST Rules 2017 has restricted Input Tax Credit to the maximum of 110% of ITC available in GSTR 2A. However, the said condition for the period Feb 20 to Sep 20 shall apply cumulatively i.e. total ITC availed in GSTR3B during Feb 20 to Sep 20 cannot exceed 110% of ITC available in GSTR2A. In Sep 20 return GSTR2A reconciliation shall be done for the period Feb 20 to Sep 20.
2. GST PORTAL UPDATES
2.1. Launch of GSTR2B Return from July 2020
The GST Council, in its 39 meeting held on 14 March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B. One such enhancement that the Council recommended was introduction of an auto-drafted input tax credit (ITC) statement which would aid in assisting / determining the input tax credit that is available for every taxpayer.
GSTR-2B is going to be such an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR1, 5 (non-resident taxable person) and 6 (input service distributor). It is a static statement and will be made available for each month, on the 12 day of the succeeding month.It is expected that GSTR-2B will help in reduction in time taken for preparing return, minimising errors, assist reconciliation & simplify compliance relating to filing of returns.
Key features in GSTR-2B which would assist taxpayers in return filing are as under:
i. It contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units / Developers. This is not available with the release of GSTR-2B for the month of July and will be made available shortly.
ii. A summary statement which shows all the ITC available and non-available under each section. The advisory given against each section clarifies the action to be taken by the taxpayers in their respective section of GSTR-3B;
iii. Document level details of all invoices, credit notes, debit notes etc. is also provided both for viewing and download;
* GSTR-2B for the month of July 2020 has been made available on the common portal on trial basis.
2.2. Details of import of Goods available in GSTR2A
Two new tables have been inserted in GSTR-2A which displays details of import of goods from overseas supplier and inward supplies made from SEZ units/ SEZ developers. Taxpayers can now view their bill of entries data which is received by GSTN system from ICEGATE system. The updated data in GSTR-2A has been done on trial basis.
2.3. System computed values of GSTR-1 Statement, made available in Form GSTR-3B
Tables of Form GSTR 3B will be Auto-Drafted in pdf statement: Following Tables of Form GSTR-3B will be auto drafted, on basis of values reported in GSTR-1 statement, for the said period:
3.1(a) – Outward taxable supplies (other than zero rated, nil rated and exempted)
3.1(b) – Outward taxable supplies (zero rated)
3.1(c) – Other outward supplies (Nil rated, exempted)
3.1(e) – Non-GST outward supplies
3.2 – Supplies made to un-registered persons
3.2 – Supplies made to composition taxable persons
3.2 – Supplies made to UIN holders
In this, following points may be noted:
3.1. Interest payable on Net Tax liability from 1 Sep 2020
3.2. GSTR 4 Due date extended to 31 Oct 2020
Date of filling GSTR4 for Financial Year 2019-20 has been extended to 31 Oct 2020. Earlier due date of GSTR4 return was 31 Aug 2020. GSTR4 return is required to be filled annually by composition dealers.
3.3.Time limit for compliance under Sec 171 extended till 30 Nov 2020
The CBIC has extended time limit for Completion or compliance under Section 171 (Anti Profiteering) falling during the period from 20 March 2020 to 29 Nov 2020 till 30 Nov 2020.
4. PRESS RELEASE
4.1.Interest on Delayed payment of GST
THE CBIC clarified that the Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. However, it has assured that no recoveries shall be made for the past period as well by the Central and State tax administration in accordance with the decision taken in the 39th Meeting of GST Council. This will ensure full relief to the taxpayers as decided by the GST Council.
CBIC explanation came in response to an assortment of comments in the social media with respect to Notification dated 25th August 2020 regarding charging of interest on delayed payment of GST on net liability (the tax liability discharged in cash) w.e.f. 1st September 2020.
5. LEGAL UPDATES
5.1. SEZ unit can claim refund of ITC of GST distributed by ISD unit
Refund in case of supplies of goods or services to SEZ shall be filled by the supplier as per Second Proviso to Rule 89(1) of CGST Rules, 2017.
Gujarat HC held that SEZ unit can claim refund of ITC of GST distributed by ISD unit. It is held that as there is no specific supplier who can claim the refund, therefore, petitioner being SEZ unit can claim refund of ITC.
6. Virtual Hearing of Appeals under GST
CBIC has now decided to make it mandatory for various authorities to conduct personal hearing in respect of any proceedings under the Customs Act 1962, Central Excise Act 1944 and Service Tax through video conferencing facility. This facility has also been extended to proceedings under the GST as well. Broad guidelines to conduct virtual hearing have also been provided to ensure ongoing work of appeals and adjudication are completed expeditiously.
If the assesse wants to modify the contents of record of personal hearing, they can do so within 3 days of receipt of such e mail.
Disclaimer: “This material is intended to provide general information on particular subject(s) and is not an exhaustive treatment of such subject(s) or a substitute to obtaining professional service or advice. It is strongly recommended to seek professional advice before implementation of any of the aspects covered in the presentation.”)
Author can be reached at firstname.lastname@example.org